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Armored Vehicles Market Report by Product (Defense, Commercial), System (Engine, Drive System, Ballistic Armor, Turret Drives, Ammunition Handling System, Fire Control Systems (FCS), Armaments, Countermeasure System, Command and Control (C2) System, Power System, Navigation System, Observation and Display System, Hulls/Frames), Drive Type (Wheeled, Tracked), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A6355
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Market Overview:
The global armored vehicles market size reached USD 17.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 28.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.33% during 2024-2032.
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Report Attribute
|
Key Statistics
|
|---|---|
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Base Year
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2023
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|
Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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USD 17.8 Billion |
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Market Forecast in 2032
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USD 28.8 Billion |
| Market Growth Rate 2024-2032 | 5.33% |
Armored vehicles are automobiles specially designed with partial or complete armor plating to withstand explosions and attacks. Armored personal carriers, infantry fighting vehicles, main battle tanks, tactical trucks, buses, limousines, and sedans are common product variants. These vehicles provide high protection against basaltic threats, including missiles, bullets, and improvised explosives devices (IEDs). They are also used to transport military personnel and valuable items, such as money and jewelry. Armored vehicles are often fitted with weapons and a protective shell manufactured from multiple plates of corrosion-resistant steel, steel alloys, or special composite materials. Besides this, they offer better performance and higher reliability and durability to withstand attacks.
Armored Vehicles Market Trends:
The increasing product demand from defense forces across the globe is creating a positive outlook for the market. Armored vehicles are used for frontline combat, armed escorting, surveillance, and goods transportation on battlefields. The rising popularity of armored vehicles can also be attributed to the rapid militarization of law enforcement agencies to combat internal security challenges, which, in turn, is acting as another growth-inducing factor. Furthermore, the widespread adoption of armored passenger vehicles for self and family protection, safeguarding public figures, and securing valuable materials due to increasing insurgent activities and rising threat levels is favoring the market growth. Additionally, the integration of an active protection system (APS) that uses launchers, sensors, tracking radar, and countermeasure munitions to automatically detect and counteract incoming threat projectiles is providing an impetus to the market growth. Moreover, the increasing adoption of unmanned variants by defense forces to carry out intelligence, surveillance, and reconnaissance (ISR) and combat operations is propelling the market growth. Other factors, including rising incidences of asymmetric warfare across the globe, increasing military modernization, growing production of modular armored vehicles, and the implementation of various government initiatives toward strengthening the armed forces, are anticipated to drive the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global armored vehicles market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on product, system and drive type.
Breakup by Product:
- Defense
- Armored Personnel Carrier (APC)
- Infantry Fighting Vehicles (IFVs)
- Light Protected Vehicles (LPVs)
- Main Battle Tanks (MBTs)
- Mine-resistant Ambush Protected (MRAP)
- Tactical Vehicle
- Others
- Commercial
- Bus/Van
- Limousine
- Sedan
- SUV
- Others
Breakup by System:
- Engine
- Drive System
- Ballistic Armor
- Turret Drives
- Ammunition Handling System
- Fire Control Systems (FCS)
- Armaments
- Countermeasure System
- Command and Control (C2) System
- Power System
- Navigation System
- Observation and Display System
- Hulls/Frames
Breakup by Drive Type:
- Wheeled
- Tracked
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global armored vehicles market. Detailed profiles of all major companies have also been provided. Some of the companies covered include:
- BAE Systems plc
- Elbit Systems Ltd.
- General Dynamics Corporation
- INKAS Armored Vehicle Manufacturing
- International Armored Group
- IVECO
- Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems N.V.)
- Lenco Armored Vehicles Inc
- Lockheed Martin Corporation
- Oshkosh Defense, LLC (Oshkosh Corporation)
- Rheinmetall AG
- Textron Inc.
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | Billion USD |
| Segment Coverage | Product, System, Drive Type, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, IVECO, Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems N.V.), Lenco Armored Vehicles Inc, Lockheed Martin Corporation, Oshkosh Defense, LLC (Oshkosh Corporation), Rheinmetall AG and Textron Inc. |
| Customization Scope | 10% Free Customization |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global armored vehicles market was valued at USD 17.8 Billion in 2023.
We expect the global armored vehicles market to exhibit a CAGR of 5.33% during 2024-2032.
The rising demand for armored vehicles among defense forces for frontline combat, armed escorting, surveillance, goods transportation on battlefields, etc., is primarily driving the global armored vehicles market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for armored vehicles.
Based on the product, the global armored vehicles market has been segregated into defense and commercial, where defense currently holds the largest market share.
Based on the drive type, the global armored vehicles market can be bifurcated into wheeled and tracked. Currently, wheeled exhibits clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global armored vehicles market include BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, IVECO, Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems N.V.), Lenco Armored Vehicles Inc, Lockheed Martin Corporation, Oshkosh Defense, LLC (Oshkosh Corporation), Rheinmetall AG, and Textron Inc.
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